New York § 407 - 407Exemptions
Full text of New York New York Consolidated Laws § 407 — 407Exemptions, with citation guidance and answers to common questions.
§ 407. 407Exemptions
§ 407. Exemptions. Savings and loan associations shall be deemed institutions for savings, and such associations and the property of such associations shall be exempt from taxation under any law which shall exempt savings banks or institutions for savings from taxation. The shares held by members of any association and the dues and dividends credited thereon shall be exempt from sale on execution and proceedings supplementary thereto to the amount of six hundred dollars, and the members of any such association shall not be individually liable for the payment of its debts. The shares of savings and loan associations shall not be subject to the stock transfer tax either when issued by the association or when transferred from one member to another.
Frequently Asked Questions About New York § 407
What does New York Consolidated Laws § 407 cover?
Section 407 ("407Exemptions") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 407?
A common citation format is "New York Consolidated Laws § 407" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 407 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.